Investment loans for investing in fishing vessels, fishing equipment and electronic devices - MIDAS
The MIDAS 2 project is implemented in cooperation with the Fisheries Directorate of the Ministry of Agriculture, Forestry and Water Management of Montenegro for the financing of projects in the marine fisheries sector. The goal of the project is to modernize the professional fishing fleet, improve navigation safety standards, working conditions, as well as hygienic and health standards of fish and other marine organisms.
The interest rate is 4.50% on an annual basis with a proportional interest calculation system.
For entities that project implemented in municipalities northern region and in municipalities who is are below 100% of the average value of the development index in Montenegro, the interest rate is 4.00% on an annual basis with a proportional interest calculation system.
If a direct credit arrangement is fully or partially covered by a bank guarantee, cash collateral or a state (municipal) guarantee, such a credit arrangement or an adequate part of the credit arrangement will not be considered as exposure of the end user.
After meeting the conditions and following the procedure in accordance with the MIDAS 2 rules, the users of the loan are entitled to a refund of funds in a defined amount, which reduces the principal amount of the loan. Activities related to exercising the right to refund are carried out by the Fisheries Directorate of the Ministry of Agriculture, Forestry and Water Management of Montenegro.
Depending on the price of the available sources of financing, the interest rate may be higher, with which the beneficiary of the Fund's funds should be properly informed.
The fee is 0.30% of the approved loan amount.
Time limit of use credit: in accordance with signed By contract between user and Ministry of Agriculture, Forestry and Water Management Montenegro.
The goal program and purpose
Loans are intended to support companies, entrepreneurs or other legal entities in accordance with the Invitation of the Fisheries Directorate of the Ministry of Agriculture, Forestry and Water Management of Montenegro.
Support may refer to the acquisition of new fishing vessels, fully operational for fishing activities, including fishing equipment and other costs in accordance with the Public Call.
Users
Beneficiaries of loans under this credit line are companies, entrepreneurs or other legal entities that are registered in the CRPS for carrying out fishing activities at sea and that have a valid permit for commercial fishing at sea issued by the Ministry of Agriculture, Forestry and Water Management and have received a decision that they are beneficiaries of the MIDAS 2 project, which will be implemented by the Fisheries Directorate.
The end users of these credit arrangements can be entities that provide a certificate from the Tax Administration that they properly settle their tax obligations.
Security instruments
As instruments security loan of IDF MNE JSC will to accept promissory notes , mortgages on the real estate ( estimated value real estate must be least valuable how many and Amount wanted loans ), pledges on the navigable objects and equipment , banking guarantees , guarantees unit local self-government , guarantees of the Government of Montenegro , guarantees creditworthiness legal persons , administrative prohibitions on the receiving a minimum of one creditworthiness guarantor ( depending from the amount credit and income guarantor ), premiums , subsidies , grants and direct payments which provides Ministry of Agriculture, Forestry and Water Management of Montenegro and others usual instruments security in banking business in accordance with acts of IDF MNE JSC i decisions competent authorities of IDF MNE JSC
All costs related to the acquisition of security instruments and the implementation of operations related to insurance, deletion and return of realized instruments are borne by the loan beneficiary.
The documentation base is defined by the MIDAS 2 project.